Illustrated Properties, the largest independent brokerage in South Florida, just acquired JT Brokers.
Jupiter-based JT Brokers, owned by Jeff Coffey, Pam Coffey and Doug Long, specializes in the residential marketplace in Palm Beach County and will now integrate its 12 agents into the Illustrated Properties brand, according to a release.
Mike Pappas, president of Keyes Co., which merged with Illustrated last year, told The Real Deal the 35-year-old JT Brokers firm looks to benefit from shared resources through the sale.
“As technology costs continue to rise, size and scale to run an operation is necessary,” Pappas said. “With JT Brokers being an established firm, they felt like the opportunity to get the technology and tools that comes with the Illustrated Properties’ brand was key to continue to serve their customers.”
Illustrated Properties declined to provide the price of the JT Brokers acquisition.
In July 2016, Illustrated Properties joined with Keyes to form South Florida’s largest independently owned firm, and both continue to operate under their individual brands.
Pappas told TRD that Illustrated Properties plans to further expand this year in South Florida.
“There’s a lot of consolidation going on and it’s accelerated due to the strain of the business, with the growing need for technology and volume,” Pappas. “This year, we foresee continued consolidation because the margins are thinner.”